Los Angeles daily herald., 1887-05-27
THE TINES.
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AZ American the methods OF con
business In London seem slow
stianaled. There is an evident
on the part of many large firms to
the transaction OF business diff.
instead OF easy. There is an
INQUIRY office, at which you must
your name to the clerk, who
,imes intimates by bis looks that
.onferring favor by taking 1t; the
ia passed ON 10 the inner office,
gu are probably told to take seat
reception room until the princl-
re at liberty to see you. All this
sts strongly with the accessibility
iness men in America.
greatest caution is exercised IN
sening Of new accounts. Before
IN buy goods you must first either
reduced by au old customer, or es.
4 your responsibility and solvency.
8, step into large bank in London,
mt your money on the counter and
buy draft ON New York, Berlin,
ris YOU will be told that they do
now you, and can only sell drafts
Ar regular customers or to people
duced by them. There is no ques-
bat the money you offer is not
nut THEY DO NOT KNOW YOU.
tas once, years ago. refused draft
bank in which l had a special de-
OF money at interest, and, mol
standing brought the clerk from
pecial deposit department of the
to vouch for my identity,
draft clerk told me: "Ah, yesl
have . special deposit in that de-
msnt, but special deposits are lie.
ed from any one without introduc.
and, really, since you have never
introduced to the bank, you are
in the position of a stranger to us,
we cannot sell you the draft"
mother banking custom that seems
pge to us is that open checks (not
3ssed'') are paid to strangers without
4tification. If you have a check
able to "John Jones" or order,
bank does not require that You
identified as John Jones, but you
sent the check, indorse your name
n Jones on the back, and receive
money in bills or gold. But
Il ,hecks are "crossed and not "open
,cks" and you can not get the pay
at of q sserossed" check by present
personally at the bank, no matter how
Oh you may be identified. To "cross
heck YOU draw two parallel lines
pss the face of it and write between
Am either the name of the bank
kh whom the person to whom the
Eek is payable intends to de-
sit it, or simply the terminal words
Cos" any check SO Crossed must
deposited in bank for collection,
d presented by bank messenger for
yment. The crossing of checks thus
rms an almost absolute safeguard
ainst payment to the wrong persons.
might be adopted with advantage in
her countries.
SOME OF THE LONDON BANKS
we deposits Of slOO, 900, 900 and sl50.
%. 600, but this is the total of deposits
the main bauk in the "City of Lon
M" Of its dozen or more OF branches
s;larQer London" and its thirty or
rty country branches. 50 that to com.
ire the deposits of the largest London
inks with those Of the largest New
ork banks would hardly be fair. unless
IN added to the deposits of the New
ork banks the deposits of all their cor
'spondent banks.
This principle of subsidiary branches
carried through many other bust
.sscs. Some of the clothing and fur
shipg houses, the grocers and provision
callers. tea merchants, fruit stores,
vers and cleaners. restaurants, book
''llers and stationers, have from six to
venty branch establishments. Often
mes you find two or three shops on
10 same street belonging to the same
run. 1t is said that a shop on any
/ the main thoroughfares in London
IN afford to cheat every customer, be-
suse the crowd of strangers passing the
Dor will continue to furnish new vic
ms year after year. 1t may be that
xperience proves that when the number
people passing is SO great that the
pening of one or two new shops in thu
lme street by the same firm does mo-
feet the business of the old house. Bu
lany old firms cling to the ole
nd often dingy premises long aftel
hey have outgrown them. Ag'
, London is the great badge OF respect
bility. "Old established" Business
over fifty years." or "on'
undred years." is seen in shop 'front.'
Imost as often as "To the Queen ant
Patronized by the Royal Family" Fol
bis reason you find in the little alleys
mes or courts where they first started
he great house Of Rothschild is in New
,ourt, st. Swithin's Lane, and you nigh
asily
PASS 1T BY WITHOUT NOTICE.
Another popularity that strikes al
merican is the absence of elevator
Iifts) as the English call them in th'
flee buildings. Only few ofhc
buildings are supplied with lifts, an'
building as well supplied as tn
Mills" building or "The Boreel, witt
9th light and elevators, would b
novelty in London. But the chic
objections that Americans find wit
xondon and it's business methods is tina
ime seems of no value whatever. Te
aorrow, next week or next month vii
10 lust as we'll as to day for the Londo
1a1. He is in no hurry. He plays
Waiting game. All roads and all scheme
ome to London. and sooner or late
,e will take his toll. So muc
business comes to him without effor
through channels established by hi
,ncestors that he makes little effort t
Ittract new business. More than one
,alf the world use London as a clearln
lonse. Even New York must pay 10
south American produce in pounds
and pence through Londol
bank. But other money center
,re becoming rivals of London
.nancial Berlin, Paris and New Yorl
grow strong at the expense OF this OIL
mistress and tyrant of the money world
The day will come when the younge
with great energy and a willing
ness to adapt their methods to tn
changed times, will compel London t
Ike second place or thoroughly refori
her methods. l.. Sheldon in tn
Chicago Inter O;ean.
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